Wednesday, April 13, 2011

The market reached yesterday's low suggesting the market is still in a short term down trend. An impulse lower since Friday is the best estimate of recent action.

The count is now a complete impulse wave since 3/16 within a market trending higher. There are many ways to describe action since summer 2010. An impulse since 7/1 may be complete as wave A of (Z). If this is correct, wave [i] of C should be complete with [ii] of C underway. The market rally can also be labeled complete with a truncated wave. The form of the decline underway should give us clues to the market's direction in the near future.

There will be no market update tomorrow. The next update will be Sunday 4/17.

The market reached yesterday's low suggesting the market is still in a short term down trend. An impulse lower since Friday is the best estimate of recent action.

The count is now a complete impulse wave since 3/16 within a market trending higher. There are many ways to describe action since summer 2010. An impulse since 7/1 may be complete as wave A of (Z). If this is correct, wave [i] of C should be complete with [ii] of C underway. The market rally can also be labeled complete with a truncated wave. The form of the decline underway should give us clues to the market's direction in the near future.

There will be no market update tomorrow. The next update will be Sunday 4/17.

My trading philosophy is 95% based on my own Elliott Wave analysis of the S&P 500. I try to keep my analysis and trading as simple as possible and do not use trend lines, channels, or definite retracement, price, or time targets. To me, inspecting the proportionality and symmetry of a market's price structure is the key to mastering the principle; it is through this that low-risk, high-reward trading opportunities are found.

Because they are the only things I look at when trading, the quality of the charts I post on this blog are very important to me. I think you will find my work to be the best Elliott Wave analysis of the S&P 500 on the internet.